Nasdaq already makes more money on data licensing than on trading fees or IPO's. Each time a professional in the financial services industry wants real-time dis

Nasdaq already makes more money on data licensing than on trading fees or IPO's. Each time a professional in the financial services industry wants real-time display data, for example, they have to pay Nasdaq a monthly fee. Nasdaq and NYSE compete for listings less so now for trading fees, but because it makes its data licensing package more valuable.